NORDIC NANOVECTOR AWARDED NOK 15 MILLION FROM THE RESEARCH COUNCIL OF NORWAY TO RESEARCH AND DEVELOP NOVEL TARGETED THERAPEUTICS
Oslo, Norway, 1 February 2016
Nordic Nanovector ASA (OSE: NANO) is pleased to announce the award of a up to NOK 15 million grant from the Research Council of Norway’s User-driven Research-based Innovation programme (in Norwegian; Brukerstyrt innovasjonsarena, BIA) to support the research and development of novel targeted therapeutics for leukemia and non-Hodgkin Lymphoma. The award is based on the promising potential for value creation, both for patients and the society at large, as well as for Nordic Nanovector together with the high quality of research and innovation and the company’s international ambitions.
Nordic Nanovector’s Chief Scientific Officer, Jostein Dahle, commented: “This grant funding is important as it enables us to advance early stage research that leverages our expertise in ARC therapies, particularly around CD37-targeted approaches, as a means of developing a broader portfolio of products behind Betalutin® for treating malignant leukaemias and lymphomas.”
The grant will be paid over a three-year period. It is assigned to and will enable acceleration of the early stage project entitled “Development of Two New Antibody Radionuclide Conjugates (ARCs) for Treatment of Malignant Lymphoma and Leukemia”. The project is focused on development of ARCs consisting of a chimeric anti-CD37 antibody (chHH1) and a radioactive nuclide as the cytotoxic agent. chHH1 is a humanized version of the murine HH1 antibody, the tumour-targeting component of Nordic Nanovector’s lead candidate Betalutin®, which is currently advancing in a Phase 1/2a clinical trial for the treatment of third line and second line NHL.
Nordic Nanovector will construct and investigate ARCs with different payloads. These combinations have the potential to lead to product candidates with a range of drug profiles that may be applicable across multiple haematological malignancies. Successful candidates are expected to be advanced into clinical trials.
Established in 2006, the BIA programme is the largest industry-oriented programme at the Research Council of Norway (Forskningsrådet). This broad-based programme supports high-quality R&D projects with good business and socio-economic potential.
For further information, please contact:
Luigi Costa, Chief Executive Officer
Cell: +41 79 124 8601
Tone Kvåle, Chief Financial Officer
Cell: +47 91 51 95 76
Mark Swallow/David Dible (Citigate Dewe Rogerson)
Tel: +44 207 282 2948/+44 207 282 2949
Victoria Igumnova (Trout International LLC)
Cell: +44 750 763 1280
About Nordic Nanovector
Nordic Nanovector is a biotech company focusing on the development and commercialisation of novel targeted therapeutics in haematology and oncology. The Company’s lead clinical-stage product opportunity is Betalutin®, the first in a new class of Antibody-Radionuclide-Conjugates (ARC) designed to improve upon and complement current options for the treatment of non-Hodgkin Lymphoma (NHL). NHL is an indication with substantial unmet medical need and orphan drug opportunities, representing a growing market worth over $12 billion by 2018.
Betalutin® comprises a tumour-seeking anti-CD37 antibody (HH1) conjugated to a low intensity radionuclide (lutetium-177). The preliminary data has shown promising efficacy and safety profile in an ongoing Phase 1/2 study in a difficult-to-treat NHL patient population. The Company is aiming at developing Betalutin® for the treatment of major types of NHL with first regulatory submission anticipated in 1H 2019.
Nordic Nanovector intends to retain marketing rights and to actively participate in the commercialisation of Betalutin® in core markets, while exploring potential distribution agreements in selected geographies. The Company is committed to developing its ARC pipeline to treat multiple selected cancer indications.
Further information about the Company can be found at www.nordicnanovector.com
Source: Nordic Nanovector